...Chapter 14 2. What is the total market value of the firm without leverage? a. Without leverage = 2*2 m = 4,000,000 million (total market value) b. Suppose you borrow 1 million. According to MM, what fraction of the firm’s equity will you need to sell to raise an additional 1 million you need? “ As long as the firms choice of securities does not change the cash flows generated by its assets must have the same total market value” ( Berk & DeMarzo, 2010, pg. 455). Therefore, the total value of the firm is still 4 million dollars. Because they borrowed 1 million they have 1 million of debt and 3 million of equity. 1/3 = 33% of equity must be sold in order to raise a million dollars. c. What is the value of your share of the firm’s equity in cases a and b ? Case A: 50% * 4 million = 2 million Case B: 2/3 * 3 million = 2 million 4a. Expected return without leverage: .5 * 450 + .5 * 200 = 325 / 250 = 1.30 expected return without leverage = 30% 4b. What will be the market value of its equity just after the dividend is paid according to MM? E + D = 250 ; D = 100 ; E + 100 = 250 ; 250 – 100 = 150 ; E = 150 4c. What is the expected return of MM stock after the dividend is paid in part b? .5 * 450- 105 + .5 (200 – 105) = 172.50 + 47.5 = 220 /150 = 1.4666666 The expected return of MM stock after dividend is paid would be 46.67 14a. Suppose GP issues 50 million of new stock to buy back the debt. What is the expected return of the stock after this transaction? 2(...
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...Chapter 14: SOLUTIONS TO TEXT PROBLEMS: Quick Quizzes 1. When a competitive firm doubles the amount it sells, the price remains the same, so its total revenue doubles. 2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output. A profit-maximizing firm decides to shut down in the short run when price is less than average variable cost. In the long run, a firm will exit a market when price is less than average total cost. 3. In the long run, with free entry and exit, the price in the market is equal to both a firm’s marginal cost and its average total cost, as Figure 1 shows. The firm chooses its quantity so that marginal cost equals price; doing so ensures that the firm is maximizing its profit. In the long run, entry into and exit from the industry drive the price of the good to the minimum point on the average-total-cost curve. [pic] Figure 1 Questions for Review 1. A competitive firm is a firm in a market in which: (1) there are many buyers and many sellers in the market; (2) the goods offered by the various sellers are largely the same; and (3) usually firms can freely enter or exit the market. 2. Figure 2 shows the cost curves for a typical firm. For a given price (such as P*), the level of output that maximizes profit is...
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...The chapter 14 case talks about Amazon, and describes its way until became one of the largest companies of online shopping, and Kindle as one of the first generation of Kindle. Amazon according to the case has no roof over its head which would mean that technically there’s not a particular shopping store where you can go and buy something. But is online shopping, and where the sellers and buyers are connected with each-other through phone calls, website, and emails as a particular way to connect every one of us. As of now Amazon is one of the biggest online sellers with almost $32.4 in 2010. Only with the amount of money that Amazon profits, we can see that it is a very big company, and pretty much the biggest one. Today there are a high amount of people that would buy something they need online rather than shopping, as of losing time, while they can do something else. 1. Describe Amazon’s product service mix. Which areas of Amazon’s operations are characteristic of a manufacturing organization? Which areas are characteristic of a service organization? How do both areas relate to the marketing of Kindle and Kindle-related products? The four characteristics that would show the differences between manufacturing and service organization are: • Goods. Here a key difference between service firms and manufacturers is the tangibility of their output. In this case the fact that Amazon sells products and goods to customers, are things tangible so we can see and touch would make...
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...Fundamentals of Investing, 11e (Gitman/Joehnk/Smart) Chapter 1 The Investment Environment 1.1 Learning Goal 1 1) Since 1900, the average annual return on savings accounts has been higher than the return on stocks. Answer: FALSE Question Status: New Question Learning Goal: Learning Goal 1 2) Land and buildings are examples of real property investments. Answer: TRUE Question Status: New Question Learning Goal: Learning Goal 1 3) Almost half of Americans own stock or stock mutual funds. Answer: TRUE Question Status: Previous Edition Learning Goal: Learning Goal 1 4) A Unites States Savings Bond is an example of an investment as defined in the text. Answer: TRUE Question Status: Previous Edition Learning Goal: Learning Goal 1 5) An example of a direct investment is the purchase of mutual fund shares. Answer: FALSE Question Status: Previous Edition Learning Goal: Learning Goal 1 6) Which of the following is an investment as defined in the text. A) Automobile insurance B) A new automobile C) A United States Saving Bond D) All of the above Answer: C Question Status: Previous Edition Learning Goal: Learning Goal 1 7) Stocks are a(n) ________ investment representing ________ of a business. A) direct; ownership B) direct; debt C) indirect; ownership D) indirect; debt Answer: A Question Status: Previous Edition Learning Goal: Learning Goal 1 8) Which of the following is an indirect investment? A) Stocks in...
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...Managerial Economics, 7e (Keat) Chapter 14 Government and Industry: Challenges and Opportunities for Today's Manager Multiple-Choice Questions 1) Which of the following is not considered a rationale for the intervention of government in the market process in the United States? A) the redistribution of income B) the reallocation of resources C) the long-run planning of scarce resources D) the short-run stabilization of prices E) All of the above Answer: C Diff: 2 2) Which of the following is the best example of a product or service that provides a benefit externality? A) the construction of a private road that allows vehicles if a toll is paid B) a public library C) a bookstore that is open to everyone D) All of the above E) None of the above Answer: B Diff: 2 3) Which of the following is not an example of a cost externality? A) the dumping of industrial waste into a lake B) unsightly billboards C) a neighbor that blasts his stereo system D) the building of a new type of jet fighter bomber E) All of the above Answer: D Diff: 2 4) The demand for products that provide benefit externalities is generally ________ the demand for products that do not. A) greater than B) less than C) the same as D) greater or less (depending on the market) than Answer: B Diff: 2 5) An example of a cost externality occurs when a mining company A) dumps waste in river upstream from a popular fishing spot. B) produces coal that is not in demand in a recession...
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...Chapter 14 Matching Questions Figure 14.1 Using Figure 14.1, match the following: 1) Myelin sheath. Answer: E Diff: 2 Page Ref: 533; Fig. 14.2 2) ANS preganglionic neuron (cell body). Answer: A Diff: 2 Page Ref: 533; Fig. 14.2 3) ANS postganglionic neuron (cell body). Answer: C Diff: 2 Page Ref: 533; Fig. 14.2 4) Intrinsic ganglionic cell. Answer: B Diff: 2 Page Ref: 533; Fig. 14.2 5) Nonmyelinated nerve. Answer: C Diff: 2 Page Ref: 533; Fig. 14.2 Match the following: 6) Short preganglionic, long postganglionic fibers. Answer: A Page Ref: 535; Tbl. 14.1 7) Collateral ganglia. Answer: A Page Ref: 538; Fig. 14.6 A) Sympathetic B) Parasympathetic 8) Increases blood pressure. Answer: A Page Ref: 535 9) Decreases heart rate. Answer: B Page Ref: 535 10) Causes erection of the penis. Answer: B Page Ref: 535 11) Stimulates ciliary muscles of the eye. Answer: B Page Ref: 535 12) Active after you have eaten a meal. Answer: B Page Ref: 535 Match the following: 13) Preganglionic sympathetic. Answer: A Page Ref: 533; Tble. 14.1 A) Acetylcholine (ACh) B) Norepinephrine (NE) 14) Preganglionic parasympathetic. Answer: A Page Ref: 533; Tbl. 14.1 15) Postganglionic sympathetic to sweat glands. Answer: A Page Ref: 535; Tbl. 14.1 16) Postganglionic parasympathetic. Answer: A Page Ref: 533; Tbl...
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...Chapter 14 Summary The New Meaning of Educational Change by Michael Fullan Professional Development is not Professional Learning • Professional learning is not about workshops and courses • 30% concerns standards and qualifications • 70% concerns whether teachers are learning every day, continuously improving their craft collectively Policies and practices that stand a chance of changing a dysfunctional culture within schools must focus on … • Standards of new practice and opportunities to learn new ways of working together. • Opportunities for people to argue new ideas into their own normative belief system Standards of Practice National Board of Professional Teacher Standards in the US in 1987 (www.nbpts.org) • Developed standards and assessment procedures in 30 subject matter disciplines organized around five major propositions 1. Teachers are committed to students and their learning. 2. Teachers know the subject they teach and how to teach those subjects to students 3. Teachers are responsible for managing and monitoring students learning. 4. Teachers think systematically about their practice and learn from experience. 5. Teachers are members of learning communities. • currently over 100,000 teachers have been certified and reports of teachers feeling that the process of analyzing their own and their students work enhanced their effectiveness in the classroom Implementation of standards ultimately leads to re-certification standards with performance...
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...Chapter 14 Summary/ Definition Retailing includes all of the activities involved in selling goods or services directly to final consumers for personal, nonbusiness use. Retailer or retail store is any business enterprise whose sales volume comes primarily from retailing. Retail life cycle retail-store types pass through stages of growth and decline that can be described as the Wheel-of-retailing hypothesis, after conventional retail stores increase their services and raise their prices to cover the cost. These higher costs provide an opportunity for new retail forms to emerge with lower prices and less service 1. Self-service: The cornerstone of all discount stores, self-service allows customers to save money by carrying out their own locate-compare-select process. 2. Self-selection: Customers find their own goods, although they can ask for help. 3. Limited service: These retailers carry more shopping goods, and customers need more information and assistance. The stores also offer services (such as credit and merchandise-return privileges). 4. Full service: Salespeople are ready to assist in the locate-compare-select process. The high staffing cost, the higher proportion of specialty goods, slower-moving items, and more services, add up to high-cost retailing. Corporate retailing Such organizations achieve economies of scale and have greater purchasing power, wider brand recognition, and better-trained employees. Target Market A retailer’s most important...
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...Activity 1: 1. Lincoln attempted to carve out a moderate position on slavery, by basically saying that he did not highly like the idea of slavery however he would not stop people or states from having or acquiring slaves. He says this because he knows that if he would completely go against slavery then the South would most likely wants to split from the Union. So Lincoln attempted to keep a moderate position. 2. Lincoln contended that Douglas' ultimate goal was with regard to the expansion of slavery within the country. While Lincoln argue that equality was for all people, Douglas argued strongly against him. However no matter how much they argued both knew that abolishing slavery would be hard because it was such in demand especially in the South. Lincoln contended that Douglas' ultimate goal was with regards to extend slavery. 3. During the debate each man accused the other one about certain things. In this debate Lincoln accused Douglas of not following with Dred Scott decision. Douglas then accuse Lincoln of being wrong about his accusation. Both lies go hand in hand, during those debates each man accused the other of lying. 4. Lincoln asked whether the people of a territory could exclude slavery prior to applying for statehood. Douglas responded with the answer of yes, that prior to applying for statehood people with a territory could exclude slavery. 5. Douglas use the audience's racial fears to discredit Lincoln during the debate. The fear that the audience...
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...Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes and Exam Week 1 - 11 All Possible Questions With Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes and Exam Week 1 - 11 All Possible Questions With Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes...
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...ECO 305 All Quiz and Homework, ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b); Ch 6 - 13(a-b), ECO 305 WeeK 3 Quiz 2 - Chapters 3 and 4 , ECO 305 WK 1 Homework Ch 2 - 12(a-b),13(a-c),14, ECO 305 WK 2 Homework Ch 3 - 13(a-d); Ch. 4 - 15(a-b),16(a-b), ECO 305 WK 2 Quiz 1 - Chapters 1 and 2, ECO 305 WK 5 Homework Ch 8 - 6(a-d) , ECO 305 WK 5 Quiz 4 - Chapter 7 , ECO 305 WK 6 Homework Ch 9 - 11(a-c), 12(a-c), ECO 305 WK 6 Quiz 5 - Chapter 8 - All Possible Questions, ECO 305 WK 9 Quiz 8 - Chapters 12 and 13 , ECO 305 WK 11 Quiz 10 - Chapters 16 & 17 , ECO 305 Complete Class Assignments | strayer help, ECO 305 Strayer ECO 305 Week 1, ECO 305 Week 2, ECO 305 Week 3, ECO 305 Week 4, ECO 305 Week 5, ECO 305 week 2 Assignment, ECO 305 week 3Assignment, ECO 305 week 4 Assignment, ECO 305 week 1 Assignment, ECO 305 tutorial, ECO 305 Complete Course, ECO 305 Entire Class, ECO 305 Whole Tutorial, ECO 305 tutorial, ECO 305 Summary, ECO 305 Study Guide, ECO 305 Questions , ECO 305 Answered , ECO 305 Solution, ECO 305 Final , ECO 305 Presentation, ECO 305 Universty, ECO 305 University of, ECO 305 Homework, ECO 305 Version, ECO 305 Strayer assignment, ECO 305 Strayer course, ECO...
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... “first paper” “MGMT 280” “nonverbal paper” “280 paper” 4. All email messages must have an email signature. Tuesday, January 15, 13 5 A Review of the Basics Library Review Tuesday, January 15, 13 6 Focusing on Interpersonal and Group Communication And Nonverbal Communication Tuesday, January 15, 13 7 Today: Class 3 • Read Chapter One in the textbook. Be prepared to talk about the...
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...Utah * * * Wade J. Van Tassell - Certified Realtime Reporter Registered Merit Reporter DepomaxMerit Litigation 801-328-1188 Wade J. Van Tassell July 3, 2014 Card v. American National Property and Casualty Spencer E. Richards Page 2 APPEARANCES For the Plaintiff: Kenneth L. Christensen Matthew Hansen Jake Lee CHRISTENSEN & HYMAS 11693 South 700 East, Suite 100 Draper, Utah 84020 For the Defendant: Sade A. Turner STRONG & HANNI 102 South 200 East, Suite 800 Salt Lake City, Utah 84111 Also Present: (Via Telephone) Dorothy Clay Sims Oregon Hunter Page 4 *** INDEX EXAMINATION By Mr. Christensen By Ms. Turner By Mr. Christensen PAGE 3 132 157 EXHIBITS No. 1 No. 2 3-19-14 Ltr, Turner to Richards 11-14-13 Deposition Transcript Excerpt 86 86 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 3 Uh-huh. MS. TURNER: Mr. Christensen, these are the medical records because we didn't print them all out. MR. CHRISTENSEN: I figured. And you had sent me those, but I appreciate you bringing them. We might open them up and refer to them, actually. Q. Did you happen to have in your file your billing for your services at all? A. No. Q. And why is that? A. My wife takes care of that so I don't keep a record with me of billing. Q. How does she typically do that? MS. TURNER: Objection. Foundation. Answer it if you know. A. I give her the hours that I spent working on the case and then she sends an invoice. Q. And where is the documentation for your hours...
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...October | | | | | Tue: 13 | BWVW | Worldview Assignment Pt. 2 | | | Tue: 13 | THEO | Chapter 12 | | Chapter 12 Quiz | Th: 15 | THEO | | Exam #2: Ch 9-12 | | Fri: 16 | CSTU | Chapters 11-12 | | Ch. 11-12 Quiz | Fri: 16 | BIBL | | Test 1 (Midterm Exam) | | Fri: 16 | UNIV | Effective Email Project | | | | | | | | Mon: 19 | BIBL | Romans Essay Available | | Bb Quiz: Ch 10, 14, 15 | Mon: 19 | EVAN | Reading & Book Review | + Reflection Paper | + Check for reading | Tue: 20 | BWVW | Read: World Religions Overview | | | Tue: 20 | THEO | Chapter 13 | | Chapter 13 Quiz | Th: 22 | BWVW | | Test #2 | | Th: 22 | THEO | Chapter 14 | | Chapter 14 Quiz | Fri: 23 | CSTU | Chapters 13-14 | | Ch. 13-14 Quiz | Fri: 23 | UNIV | Time Management Activity | Reflections Paper | | | | | | | Mon: 26 | EVAN | Check for possible reading | | | Tue: 27 | BWVW | Read: What is Moral Relativism | | | Tue: 27 | THEO | Chapter 15 | | Chapter 15 Quiz | Wed: 28 | BIBL | Acts 21-28 Pent-Sum; Eph. Com. Meditation; Phil. Prayer Journal | | | Th: 29 | THEO | Ch. 16 & Biblical Worldview | | Chapter 16 Quiz | Fri: 30 | CSTU | Chapters 15-16 | | Ch. 15-16 Quiz | Fri: 30 | UNIV | Information Literacy Project Pt 1 | | | | | | | | November | | | | | | | | | | Mon: 2 | BIBL | Col. Com. Prayer; Phile. Ch. Ref. | | Bb Quiz: Ch 16&22 (Col, Phile) | Mon: 2 | EVAN | Witnessing Report + | Check for...
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...All Possible Questions With Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes and Exam Week 1 – 11 All Possible Questions With Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes and Exam Week 1 – 11 All Possible Questions With Answers ECO 410 Week 2 Quiz 1: Chapters 1 and 2 ECO 410 Week 3 Quiz 2: Chapters 3 and 4 ECO 410 Week 4 Quiz 3: Chapters 5 and 6 ECO 410 Week 5 Quiz 4: Chapters 7 and 8 ECO 410 Week 6 Quiz 5: Chapters 9 and 10 ECO 410 Week 7 Quiz 6: Chapters 11 and 12 ECO 410 Week 8 Quiz 7: Chapters 13 and 14 ECO 410 Week 9 Quiz 8: Chapters 15 and 16 ECO 410 Week 10 Quiz 9: Chapter 17 and 18 ECO 410 Week 11 Quiz 10: Chapter 19 and 20 ECO 410 Quizzes and Exam Week 1 – 11 All Possible...
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